(San Diego, CA) – As a conclusion to Green Flash Brewing ending their national expansion strategy, closing Virginia Beach and Cellar 3, we have just learned that Green Flash Brewing, Inc.’s largest shareholder, Comerica Bank has foreclosed on it’s loans due to outstanding debt and poor business health and that Green Flash and Alpine assets have been sold to a risk management company in Michigan named WCIPA, LLC. We are still trying to learn more about this company. Here is the official memo that Green Flash President and CEO Mike Hinkley sent to over 100 shareholders this morning.

“Dear GFBC, Inc. Shareholders,

On behalf of myself and the Board of Directors of GFBC, Inc. (the “Company”), I am truly sorry to report that the Company’s senior lender, Comerica Bank, has foreclosed on its loans and sold the assets of the Company (other than the Virginia Beach brewery) to WC IPA LLC through a foreclosure sale which closed on March 30, 2018. As such, the Company no longer owns the Green Flash and Alpine businesses. Comerica Bank is currently conducting a separate process to sell the Virginia Beach brewery.

After a general slowdown in the craft beer industry, coupled with intense competition and a slowdown of our business, we could not service the debt that we took on to build the Virginia Beach brewery — and in early 2018, the Company defaulted on its loans with Comerica Bank. While we took substantial efforts to recapitalize the Company over the past several months, both before and after the bank default, we were ultimately unable to close a transaction.

While the Green Flash and Alpine brands will continue, they will do so under new ownership — and GFBC, Inc. and Alpine Beer Company, Inc. will be wound down and dissolved. I sincerely thank you for your support over the years.

Sincerely,
Mike Hinkley
CEO
GFBC, Inc.”

Update 10:04am 4/3/18 – Here is a look to the California Alcohol Board. It would appear this new LLC has kept President Mike Hinkley on as an officer. LINK

Please check out our Green Flash Brewing archives for the entire history behind this as well as reviews and news from Green Flashes glory days. LINK HERE

10 Comments

Tara E
July 8, 2018 @
4:21 pm

I live in NJ. I tried West Coaat IPA last month when visiting Anaheim. I loved it and need to know how I can get this beer in Newark, NJ? It comes up at some restaurants in NY which I will find out soon if they still carry it, but is there a way to order a case or 6 packs??????

Mike cared more about trying to keep up with Stone and working out than anything else. As soon as Chuck left he should have known he was in trouble. The beers went downhill, and the good people left. it is a shame that Alpine went with it…